“It isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit,” Biden said in a video posted on Twitter.
The moratorium was slated to expire Jan. 1, a date that Biden set before his debt cancellation plan stalled in the face of legal challenges from conservative opponents.
More than 26 million people already applied for the relief, with 16 million approved, but the Education Department stopped processing applications this month after a federal judge in Texas struck down the plan. The White House has argued in court that Americans continue to feel the financial stress of the pandemic. Without Biden’s cancellation plan, it says, the number of people falling behind on student loans could rise to historic levels.
The Biden administration didn’t address the costs in its announcement, but instead cast blame on Republicans challenging the plan. “This extension means that struggling borrowers will be able to keep food on their tables during the holiday season — and the coming months — as the administration does everything it can to beat back the baseless and backward attacks on working families with student debt,” said Mike Pierce, executive director of the Student Borrower Protection Center.
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